Stocks closed out the week with a big thud today, with the Nasdaq narrowly avoiding its worst one-day loss this year as momentum names got crushed for a second day. The Dow and S&P 500 finished far from their record highs hit earlier in the session.
For the second day, momentum stocks such as Tesla, Netflix, Amazon.com and Priceline fell heavily. Newly split Google Class A and Class C shares were both down more than 4 percent.
The Dow Jones Industrial Average dropped 159.84 points, or 0.96 percent, to close at 16,412.71, after hitting a fresh high near the open. Still, the index managed to squeeze out its first 3-week win streak since November.
The S&P 500 fell 23.68 points, or 1.25 percent, to end at 1,865.09. The Nasdaq slumped 110.01 points, or 2.60 percent, to finish at 4,127.73. The Nasdaq tumbled as much as 2.8 percent and is down more than 5 percent from its 14-year high of 4,371 reached on Mar. 6, turning negative for the year. Both indexes logged their worst one-day session in two months.